I'm a great fan of Facebook's management approach and practices. I've been pushing Yishan's way at Zemanta for almost two years now, since I believe that Facebook is currently the best run technology company in the world. While I've learned quite a lot about engineering management practices at Facebook, I don't know much how they have organized their product development. A few days ago Chamath Palihapitiya, former VP of User Growth, Mobile and International Expansion, presented a great talk that gives a very interesting high-level overview of how Facebook managed to get to one billion users. http://www.youtube.com/watch?v=raIUQP71SBU
Perhaps the most interesting tidbit from this video for me was, that Facebook has modeled it's approach to product development after EBay's model (check 7:35 mark) which was initally developed by Marty Cagan, that is, the same guy that has managed to transform Zemanta from an engineering focused to product focused organization.
I'm attaching also slides of Chamath's talk since they are not visible in the video.